Maffei to remain at Liberty
Cablevision execs also re-up through 2014Liberty Media's board has approved a new employment arrangement with president and CEO Greg Maffei that will keep him in the position through 2014.
"We are very pleased to have secured Greg's leadership at Liberty Media for the next five years," said chairman John Malone. "Liberty has accomplished much in the four years since Greg joined, efficiently liquidating passive investments, completing transactions that have transformed the company, setting us on a good course for the future and delivering substantial shareholder value."
Malone said that during Maffei's tenure, Liberty's stocks have "significantly outperformed the broader market and our media peers."
Said Maffei: "Liberty has tremendous brands and assets that are well positioned for the future."
Cablevision Systems on Thursday unveiled new employment agreements with president and CEO James Dolan, vice chairman Hank Ratner and COO Tom Rutledge that keep them in their posts through Dec. 31, 2014. Industry observers had speculated whether Rutledge, a former Time Warner Cable top executive, may leave at the end of his previous contract. He has served as COO since 2004.
Dolan and Ratner have also completed employment agreements with Madison Square Garden, which will become effective once Cablevision spins off the MSG business. That move is expected to occur in the first quarter of 2010. Dolan would become executive chairman, and Ratner would serve as president and CEO of a newly public Madison Square Garden.